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OncoGenex Pharmaceuticals, Inc. Provides Clinical Development Program Overview and Reports Financial Results for First Quarter 2013
Date:5/2/2013

therapy in men with metastatic CRPC, and ENSPIRIT will evaluate the potential survival benefit of combining custirsen with docetaxel as second-line chemotherapy in patients with advanced or metastatic NSCLC.

"The initiation of multiple investigator-sponsored Phase 2 trials, across tumor types, represents a significant inflection point in the creation of value for OGX-427 for which we currently retain all commercialization rights," said Scott Cormack , President and Chief Executive Officer, OncoGenex Pharmaceuticals, Inc. "Considered alongside the three Phase 3 trials of custirsen, and a strong cash position that will sustain us into 2015, well past the SYNERGY data read-out, we believe the company is well situated to continue to execute against our development goals."

First Quarter 2013 Financial Update and Results

  • Revenue for the first quarter of 2013 increased to $5.1 million from $1.3 million for the first quarter of 2012. The increase was due to higher revenue earned through the Company's strategic collaboration with Teva, resulting from clinical development activities associated with the AFFINITY trial which was initiated in August 2012.
  • Total operating expenses for the first quarter of 2013 increased to $13.4 million from $6.8 million for the first quarter of 2012. The increase was due primarily to higher clinical trial expenses associated with patient enrollment in the AFFINITY and Borealis-1 trials, increased costs directly associated with efforts to increase patient enrollment and higher employee expenses, including stock based compensation expenses.  These increases were partially offset by lower manufacturing expenses due to timing of OGX-427 manufacturing activities.
  • Net loss for the first quarter of 2013 was $6.7 million, or $0.46 per diluted common share compared with a net loss of $6.9 million, or $0.67 per diluted common share for the first quarter of 2012.  The
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